Digital Shelf Space Corp. (the “Company” or “DSS”), developer of at home fitness and lifestyle franchises, announced today that it has entered into a letter of intent with Intregen Holdings Pte. Ltd. (“INT”) to acquire 100% of the MOVIT Mobile Application Suite (“MOVIT”) from INT (the “Transaction”) which includes rights to certain MOVIT existing and pending patents. INT is based in Singapore and is a leading incubator of mobile and media applications.
As consideration for the acquisition of MOVIT, DSS will issue to INT approximately 14,000,000 common shares in DSS (the “Consideration Shares”). INT intends to distribute the Consideration Shares to its shareholders on a pro rata basis, provided that no one shareholder of INT will hold more than 9.9% of the issued and outstanding shares of DSS immediately after closing of the Transaction.
“We are pleased with the acquisition of MOVIT, the media application we feel is going to be a tremendous lift in our overall marketing strategy for our lifestyle products, and opens the door to a potentially highly lucrative new revenue stream with its solution for huge roaming fees,” said Jeffrey Sharpe CEO for DSS.
As part of closing of the Transaction, it is expected that Alexander Lang, one of INT’s founding shareholders, will join DSS as its Chief Operating Officer and a board member, subject to DSS board approval and all other necessary approvals.
The other key founding shareholders of INT are: Chairman of Singapore Post, Ho Kee Lim, former Chairman of the Singapore Land Authority, Greg Seow, and Spring Singapore — a Singapore Government investment agency.
“DSS has a phenomenal set of lifestyle assets in its library and we are excited to add MOVIT to the list of assets,” said Alexander Lang, on behalf of INT. “I am excited to be joining the DSS team and working with them to accelerate MOVIT’s global reach and customer acquisition.”
The Transaction is subject to the execution of definitive agreements and board and regulatory approvals as may be required.
About Intregen Holdings Pte Ltd.
Founded in 2008, Intregen is always pushing the boundaries to develop new communication technology and partnering for distribution. It has the expertise to patent and deliver them in the most cost effective and simplest deployment for our partners. Intregen’s clients spread across Singapore and South East Asia.
About Digital Shelf Space Corp.
Digital Shelf Space is an independent producer and distributor of home entertainment content targeted at the fitness and sports instruction market. The Company has developed popular at-home fitness franchise GSPRUSHFIT® and at-home golf instruction series the TOURAcademy® Home Edition. Digital Shelf Space’s overall content partnership strategy is to align itself with world-class, global brand partners. For more information please visit www.digitalshelfspace.com and to view the Company’s products please visit www.gsprushfit.com, www.touracademydvds.com and www.flofit.com.
ON BEHALF OF THE BOARD